Middle East – Page 18 – Oil & Gas 360

Saudi Arabia may ease oil production cuts sooner than traders think, Rapidan Energy Group reports

September 28, 2023

World Oil (Bloomberg) – Saudi Arabia may be getting closer to declaring its oil-market mission accomplished than traders realize, according to Rapidan Energy Group. Riyadh has propelled Brent crude toward $100 a bbl by slashing oil production just as global fuel demand hit record levels. That may soon be enough for the kingdom to start reviving production again, rather than risk

Iraq discusses natural gas investments with U.S. firms

September 21, 2023

Oil Price Iraq’s Prime Minister Mohammed Shiaa al-Sudani is meeting this week in New York with representatives of dozens of U.S. energy companies to pitch potential investments in the Iraqi natural gas sector. “My government is serious about investment in gas and to be an active and powerful player in the gas market,” the Iraqi official has told Bloomberg Television in an

$6 Billion in Iranian oil funds unfrozen as Tehran releases U.S. prisoners

September 18, 2023

Oil Price Five Americans imprisoned in Iran were officially flown out of Tehran on Monday as the U.S. unfroze some $6 billion in Iranian oil funds held for five years in South Korea. Source: Oil Price The prisoner swap deal also included the release of five Iranian prisoners being held by Americans, two of whom plan to stay in the U.S. As

Saudi oil production cuts to deepen rift with U.S.

September 13, 2023

Oil Price Last week, Brent crude topped $90 per barrel for the first time since last November, and WTI climbed to an 11-month high, too. The reason: Saudi Arabia and Russia said they would extend their oil supply cuts until the end of the year. The decision was hardly unexpected. What was unexpected was the length of the extension. It

ANALYSIS-Oil cut extension raises risk of Saudi economic contraction this year

September 8, 2023

Nasdaq DUBAI – Saudi Arabia faces the risk of an economic contraction this year following its decision to extend crude production cuts, highlighting its still heavy reliance on oil as reforms to diversify are slow moving. Riyadh says it aims to stabilise the oil market by extending a voluntary oil output cut of 1 million barrels per day until the end of

Dramatic shift in Brent-Dubai spread could alter global oil flows

August 8, 2023

Oil Price The premium for Brent Crude prices to Dubai crude has evaporated in recent weeks and has swung to a discount as Middle East oil availability has shrunk with OPEC+ and Saudi production cuts. This dramatic shift in the usual trading pattern could change global oil flows and prompt Brent-linked barrels to sell more easily on the Asian markets.

Saudi Arabia will extend voluntary 1 mln bpd oil cut through Sept – SPA

August 3, 2023

Nasdaq DUBAI – Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, the state news agency SPA said on Thursday. The agency cited an official source at the ministry of energy as saying the cut can be “extended, or extended and deepened”. The kingdom’s production for September will

OPEC oil output falls on Saudi cut and Nigerian outage, Reuters survey finds

July 31, 2023

Nasdaq LONDON – OPEC oil output has fallen in July after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group’s latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey found on Monday. The Organization of the Petroleum Exporting Countries has pumped 27.34 million barrels per day (bpd) this month,

Oil rallies on Saudi and Russian supply cuts for August

July 3, 2023

CNBC Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August,

OPEC oil output posts small drop in June ahead of Saudi cut – Reuters survey

June 30, 2023

Nasdaq LONDON – OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider OPEC+ deal and voluntary cuts by several members to support the market, a Reuters survey found on Friday. The Organization of the Petroleum Exporting Countries has pumped 28.18 million barrels per day

Saudi Arabia could slash oil supply to the U.S.

June 26, 2023

Oil Price Saudi Arabia could be looking to slash crude oil shipments to the United States from next month to effect a tightening of the world’s most transparent oil market. As the Kingdom prepares to cut unilaterally 1 million barrels per day (bpd) from its crude oil production in July, its crude shipments to the west could be much

Saudi Arabia’s crude oil exports dropped to a five-month low in April

June 19, 2023

Oil Price Saudi Arabia, the world’s top crude oil exporter, saw its crude exports drop to a five-month low in April, a month before the first of the voluntary Saudi cuts began in May, data from the Joint Organizations Data Initiative (JODI) showed on Monday. In April, Saudi Arabia’s crude oil exports slumped by 207,000 barrels per day (bpd) from March, to

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